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February 2023 - Financial Services

More than a quarter of people who cannot afford to pay funeral costs use a credit card: A survey looking at funerals and how people pay for them has revealed that of those families experiencing 'notable financial concerns' (19%) more than a quarter put the outstanding fee on a credit card, up from 22% in 2021, with a third (33%) saying they took money from savings or investments to pay for their loved ones funeral care, a fall from 38% in 2021.

The Cost of Dying Report 2023 polled 1,508 individuals who have been involved in organising a funeral over the past four years (conducted in June to July 2022) as well as interviews with 100 funeral directors across the UK.

Just under a quarter of people with 'notable financial concerns' (23%) said they borrowed money from a friend or relative, while 12% said they paid the funeral director in installments, and 5% sold their belongings to cover the cost. The proportion of people who took out a loan to pay for a funeral increased from 10% in 2021 to 14% in the latest survey. Just under one in 10 said they applied for a subsidy from the government or their local authority.

Cutting costs

The research also found that 57% of families planning a funeral actively tried to cut back in certain areas to keep the cost down in 2022, which was up on 2021 figures (50%). Funeral costs also came as a surprise for a quarter of respondents, with the most common shocks being the price of flowers, the headstone,  a coffin and catering.

Looking at how people cut costs, 18% said they chose a cheaper coffin, while 17% spent less on flowers. Other measures to keep costs down included 'having a home wake' (16%), 'choosing not to embalm' (13%) and 'not using a hearse or limousine' (12%). Around one in 10 said they shopped around for the best price with a similar percentage saying they did not use order of service cards, and 7% choosing a direct cremation (a funeral with no service or people in attendance). 

Pressures of organising a funeral

The research also highlighted the pressure that families feel when organising a funeral for their loved one, which had increased from 62% feeling pressure in 2021 to 69% in 2022. More than half (53%) said they felt pressure ensuring they 'get things right' in memory of the deceased, while 16% said they felt pressure from friends and family. Around one in 10 also said they felt pressure to spend more money than they wanted to.

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